- Refers to higher oil as 'Putin's price hike'
- Demand for oil has rebounded from pandemic much faster than supply
- Calls for Congress to implement a 'use it or lose it' policy for fees on companies that don't produce on permits on federal land
- Will use defense production act to stimulate production of green metals and mining
- My guess is we will see oil prices go down and continue to go down
- Putin seems to be self-isolating
- We're waiting to see allies release barrels. It could be 30-50 million barrels
The guy who shut a pipeline on Day 1 is now angry that oil companies aren't expanding production. There's no way Congress will pass that kind of law.
All this was leaked/reported earlier.
There's a strong bent in the entire administration right now to reframe all the inflation that's out there as a result of the Ukraine war. However we got PCE data from February today, which was almost entirely before the war and prices were up 6.4% y/y.